After receiving this initial interest, the calls have since dried up, and I am considering Zillow as my next marketing avenue.

You will not lose holding costs due to contractor delays, inspections, finding those 'easter eggs' that come up when you pull down dry wall.If you can get it there are still FHA mortgages with 3.5% down for owner occupied. 

If you do not use all the excess funds you will have BOOT and be taxed on it.

I was under the impression there had been a disturbance, some excessive noise and some yelling.

I like the helocs because you can advance the lines as needed to spend, either on repairs, taxes, capital improvements or acquisitions....then rapidly pay down the heloc with excess cash flow while still being able to access it again as needed.  

Hey BP,I needed some quick advice on a property that has some unique aspects to it, both negative and positive.Let me start with the basics:Property Asking Price: $35,0002,218 Total Square Footage$15.78/SQ FT4 Bedroom, 4 Bathroom unitCurrently set up as a 4 unit rental property1 Two-Bedroom Unit (median rent in the area for Two-Beds unit is $681/month)2 One-Bedroom Units (median rent in the area for One-Bed unit is $544/month)1 Studio Unit (median rent in the area for Studio unit is $485/month)The property needs to reapply for rental certificate to rentProperty was last assessed at $47K in 2014In 2013 property assessed at $118KSome Positives:With 4 beds and 4 baths, the property would be a great single family home for a familyLocated very close to a school alsoThe price per square foot figure is very goodExterior is in relatively good conditionPrevious assessment LAST YEAR valued the property at $118KCorner lotSome Negatives:I am not sure how much  money needs to go into repairs - here is what I do know:The property has some black mold on the interiorPart of the upstairs bathroom is leaking and now caused the floorboards to rot and begin to weather to the point of a sagging living room ceilingWould most likely need to remove a bathroom in the situation that it would be "converted" back to a SFH (4 baths is a bit excessive)Property has 2 "kitchens" (I use kitchens lightly because the upstairs "kitchen" isn't much more than some cupboards) but one would need to go.Repair costs will not be cheapI need your help BP: Tell me if I am in over my head on pursuing this property. 

You get ahead in this world by not paying retail for everything and getting milked dry with your money. 

This topic has been excessively talked about in the thread below.http://www.biggerpockets.com/forums/48/topics/1441...Real wealth in real estate is not built on solely on cash flow, but on appreciation in asset value.

Did you have to do a lot of work to make sure it stays dry going forward?

This looks like a pretty easy job but would take a couple days because you would need to wait for the thinset to dry before grouting.